JPMorgan Chase reports quarterly net income drop

JPMorgan Chase's net income dropped 28% in the second quarter.

Profits were nearly $8.7 billion, down from roughly $12 billion a year earlier.

“The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy,” CEO Jamie Dimon said. “But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices, are very likely to have negative consequences on the global economy sometime down the road.”

Read more from The Guardian.